CORRECTED-China's Sinopec eyes stake in Texas power project -report

(Corrects name in lead to Sinopec Group, not Sinopec Corp)

SINGAPORE Aug 15 Oil giant Sinopec Group along
with Chinese banks are in talks to put up to $1 billion in a
Texas clean energy project, in what would be one of the biggest
investments by Chinese companies in the U.S. power sector, the
Wall Street Journal reported on Wednesday.

The Chinese group is looking to acquire an equity stake in
and provide financing to the roughly $2.5 billion Texas Clean
Energy Project, which is being developed by Seattle-based Summit
Power Group, the newspaper said citing people familiar with
negotiations.

Sinopec Group, PetroChina and CNOOC Ltd
have been leading Asia's oil and gas acquisitions
overseas, with Chinese purchases totalling $5.1 billion in the
first half of this year, according to Thomson Reuters data. That
compares to $16.3 billion last year and $23.4 billion in 2010.

China's strong interest in North American energy assets,
particularly CNOOC's recent $15.1 billion bid for Canada's Nexen
, has raised alarm bells among a handful of U.S.
lawmakers who fear America's national security interests could
be undermined.

Summit Power, which is also in talks with other potential
investors in the United States and Europe, is seeking to carve
out a role for Chinese investors that does not upset existing
engineering and construction agreements, the newspaper said.

An agreement between Sinopec and Summit Power could be
announced as early as September, it added.

But many of the details, including specific financial terms
and the size of the equity stake, have yet to be decided, the
paper said citing people familiar with the negotiations.

China's investment will be a "significant share" of the
project's cost, consisting partly of debt and partly of equity,
the newspaper said.

The 400-megawatt Texas Clean Energy Project will be an
Integrated Gasification Combined Cycle facility capable of
capturing between 90 and 99 percent of the carbon dioxide,
sulfur dioxide, nitrogen oxide and mercury it
produces.

The project will receive $450 million in federal funding,
according to the U.S. Department of Energy. The facility is
expected to be fully operational in 2015.
(Reporting by Randy Fabi; Editing by Himani Sarkar)

TORONTO, Dec 9 Canada's main stock index
extended a 19-month high on Friday and was heading for a 1.8
percent jump over the week as heavyweight energy and bank stocks
gained with rising oil prices and bond yields.

LONDON, Dec 9 Angola does not need to devalue
its currency at the moment but will work on measures to lessen
the gap between the formal and informal exchange rates, central
bank governor Valter Filipe da Silva told Reuters.